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Down Payment Assistance Programs – DC Fawcett

Down Payment Assistance ProgramsDown Payment Assistance Programs – Purchasing residence with less money

The prices of housing are seeing a steep hike in many places in the country. This makes it a herculean task for the people to purchase a home.  As luck would have it, majority of the people can acquire a mortgage to assist in paying for a house.  But, most of the mortgages require a down payment and costs of closing.  The down payment can vary from 3 percent to 5 percent of the amount of loan. This is particularly applicable for the cheapest loans available.

The costs of closing include the lender fees, insurance, an appraisal, prepaid interest, title fees, closing company frees. It could be 2 to 5 percent of the value of the home.  On a residence worth $200, 000 a purchaser may require $10, 000 as cash to include the down payment and closing costs applying a low down payment loan on a property that is owner occupied.  If one is an investor, he will require additional money.  Fortunately, there are the down payment assistance programs and other options to mitigate the cash required to getting a house.  As a matter of fact, most of the owner occupant buyers can purchase a home with very little amount as $1,000 in the vicinity of Colorado and other states.

A skim through the down payment assistance programs

Down Payment Assistance programs exist in some way or other in most of the states.  During the past years, these programs were restricted for first time buyers of home. Nowadays most are available to any individual who stick to the income limits and qualify based on the income and the credit score.  Fortunately, Colorado has many wonderful programs that give things free of cost in the form of grants that are non repayable.  The grant is applied to clear the purchaser’s down payment and closing expenditures.  Based on which loan a potential buyer qualifies for, the grant can clear most of the minimum down payment that is required.

The actual value in these programs is that it enables a buyer to acquire a residence with an expenditure of $1,000.  Due to the fact that the grant is non-repayable, the only setback would be that the rates of interest on these programs are about .25 to .50 percent more than a loan without assistance in the form of a down payment.  A .25 percent interest rate hike would imply that your payment for the house would be about $30 extra for a month on a $200,000 loan.

Other states besides Colorado – do they offer down payment assistance programs:

Luckily, for buyers across the country, Colorado is not the only place which offers down payment assistance programs. For instance, Arizona has some important programs with similar grants but the guideline restrictions are different.

How does one qualify for down payment assistance?

Qualification for a loan with down payment assistance is direct as it appears.  Due to the fact that these loans follow normal FHA and Conventional guidelines, the individual requires a minimum credit score of 620, a solid work history, and needs to put in $1,000 into the deal.  The debt to income ratio should also be decent enough.  When one suffers bankruptcy or short sale, it makes it difficult for the individual to be eligible for the loan.

Conclusion:

Purchasing a residence can be very costly even with loans which have low down payments.  One has to be thankful enough to down payment assistance programs and other methods, the finance a buyer needs to furnish can be mitigated.  Such programs materialize the dream of ownership of a residence for those who could not purchase a residence otherwise.

Dc Fawcett , the founder of the Virtual Real Estate Investing Club, has many ideas to offer in his blogs. One can skim through these blogs to get a fine idea regarding buying a house.

 

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How to start a real estate investment in a smart way? – DC Fawcett

real estate investmentBuying a real estate is all about finding a place to call it as your own house. However, owning a property isn’t easy unless you can afford to purchase it. The wealth you earn from real estate depends on the risks that you take when you minimize the amount of time; you need to spend on attending the property. To achieve this, you need to make a smart choice upfront while buying investment property. DC Fawcett suggests some of the smart ways to start a real estate investment.

How to start a real estate investment in a smart way?

The easiest way to get financed is to build a rapport with the seller so they would be convinced to finance your purchase. However, it is harder to get these benefits through some conventional method. If you are able to make it, then you are a motivated seller.  Here are the ways to buy the property using little or no money.

  1. Owner Financing

    As said earlier, it is the easiest as well as the toughest way to persuade the seller to finance you. If you succeed in it, you get the benefits like

    • No Check credit.
    • No Loan applications.
    • No Banks
    • No Waiting
    • No Closing cost
    • No Stress
    • Better interest rate
    • None of your money.

In this way, you are paying the installments directly to the seller and build Real Estate Investment Trust.

  1. Partner Financing

    This is the other way to get financed. Like owner financing, you get the same benefits plus it is also easier to find one. However, it needs paperwork which may even involve the banks. You get lesser profits for yourself as you have to share your profits with your partner. You can attract a partner by means of good deals, tax breaks, profits, and prestige.

  2. Investors

    Using the investors is one of the great ways to finance your real estate purchase. You can pay the money with this and get more profits than your partner. Security, liquidity and a good return on investments attract the investors. When you are running a company, the investors will buy your shares based on your credibility.

  3. Credit cards

    To avoid paying from your pocket, credit cards are another way to make the payment for purchasing the real estate. When you get a great offer, it should be availed at the earliest before it expires. You can get any amount of money as long as you make the payment on time. You can get more credit that way. Credit cards act as an emergency finance to purchase the property.

  4. Notes

    It is an agreement to pay back the loan that you apply. Most of them specify the amount that has to be paid back, the interest rate, the duration or the interval of the amount paid, and the date of clearing the loan. It is also one of the greatest ways to buy the property without putting your money.

Conclusion

Most or all the businessmen do not put their money for any business they do. If they make the payment on one go to purchase the property, they would have to pay the tax.

 

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Intelligent Storage Solutions for tiny house owners – DC Fawcett

Intelligent Storage SolutionsNo matter how much ever small your house may be you can ensure that you have sufficient space there. It is a challenge to deal with limited storage as it is the cause for clutter fueled conundrum. To avoid this, you need to reconsider your dwelling and create intelligent storage solutions. You can create a lot of room to store your things in a limited space. DC Fawcett suggests the ways make use of limited space in your house.

Intelligent Storage Solutions for tiny house owners

Creating a sufficient storage for your room is nothing but common sense. Are your closets and cabinets are full and you don’t know what to do? Well, the solution for this problem is to find the area that is overlooked or neglected very often. profitable investment You will find this storage behind these doors themselves. Here are the ways to find an intelligent solution.

  1. Make use of doors to the best

    An over the door basket hanging system enables you to hang your things inside the closet as long as the door is of the standard quality, having a hinged-entry style. You can open and close the door in a usual way. Plastic over-the-door shoe organizers can not only be used to store the shoes but also other stuff.

    1. Fill the bedroom door with socks and belts.
    2. Stash cold weather hats and gloves in an entryway closet.
    3. Fill the bathroom closet with the clothes that have to be washed, poufs and toiletry items.
    4. Door-mounted wire baskets are suitable for storing foil, wax papers and sponges on the kitchen shelf.
  2. Install tension rods

    Though narrow tension rods are used for the hand café curtains, they work inside the kitchen cabinets very well. Things have to be neatly organized so there will be sufficient space available. You need to install the rods vertically to the top cabinet and create dividers at the bottom where you can place your vessels like pot lids, pizza pans, and baking sweets between the tension rods to keep your belongings at a particular place so you don’t have to dig for them.

  3. Add storage units

    It is a shelf unit of freestanding or cabinets, which are perfect for small spaces, it is more suitable for bathrooms. In this storage, you can keep many things such as stash towels, hair dryers, cleaning supplies and random toiletries in add-on cabinets.

  4. Try double duty furniture

    when you select furniture you need to make sure that it is the best space for your room. For small spaces, you can use the furniture which can be used a bed as well as a sofa or the cot that can be folded when you are not using it. You can also take a table that is foldable. A flat-topped storage trunk can substitute a regular coffee table.

Conclusion

There are plenty of ways to make sufficient space for your rooms. If you have too many furniture in a small house, you can either sell the extra furniture or look for a larger space to accommodate them.

 

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